Financial Hardship: Tips to Support Your Wellness In Times of High Stress.
As a health and wellness coach, I've not only witnessed but also personally experienced the toll that financial stress can take on our well-being. It's not just about diet and exercise, our financial health is equally crucial for our overall well-being. That feeling of unease in your stomach every time a bill is due or an unexpected expense pops up, I've been there. It's not just about the money, it's about the impact it has on our quality of life and health.
Before we dive in, I'd like to share a story. Back in the early years of running my previous business – an in-demand marketing agency – we faced a significant cash flow problem, which is not uncommon for small businesses. One day, as I was standing at the front desk retrieving an envelope (old school!), my receptionist was away on a coffee break. Suddenly, an officer of the court appeared and asked, "Is Jennifer Conomos here?" With a glance at him, I knew he was there to start seizing any equipment we had to settle our debt. I told him that she wasn't there, and he left, saying he would return. In that moment, I found a strength and resourcefulness I never knew I had. It gave me the determination to attract business in any way possible and avoid being in that situation again. Although we did face cash flow issues over the 20 years of running the business, I was better prepared, and they never became as serious. We definitely live and learn.
But what happens if the pressure is continuous? In these instances, it's crucial to have a financial plan, but more importantly, to prioritise self-care, a potent tool that can help us navigate these challenges without compromising our long-term health.
The Financial Stress Epidemic in Australia
Financial worries are not just a common issue, they are a significant source of stress for many Australians. A recent survey by the Australian Psychological Society revealed that financial stress is the top stressor in our lives, affecting a staggering 73% of us. This stress is not to be taken lightly – it's associated with severe health implications.
How Financial Stress Impacts Your Mind, Body and Soul:
Mental Health: Research from the University of Western Australia shows a clear link between financial stress and increased psychological distress, anxiety, and depression.
Physical Health: The Black Dog Institute highlights that financial worries can manifest as physical symptoms like insomnia, fatigue, headaches, and digestive problems.
Relationships: Financial stress can strain relationships with family and friends, leading to increased conflict and isolation.
Purpose and Meaning: Financial worries can distract us from our passions and goals, leaving us feeling stuck and unfulfilled. Chronic financial stress can erode our sense of purpose and make it difficult to connect with our deeper values.
Financial Wellness: More Than Just Money
Financial wellness is about more than just having money in the bank. It's about feeling in control of your finances, being able to meet your needs, and having confidence in your financial future. This sense of security can have a ripple effect on your overall well-being, allowing you to focus on what truly matters in life.
Strategies for Financial Wellness (and Overall Well-Being)
Here are some practical steps you can take to improve your financial wellness:
Create a Budget: Start by tracking your income and expenses to see where your money is going. This will help you identify areas where you can cut back and save. You can find free budgeting tools and resources online, such as the government's MoneySmart website.
Set Financial Goals: What do you want to achieve financially? Whether it's paying off debt, saving for a home deposit, or building an emergency fund, setting clear goals can help you stay motivated and on track.
Seek Professional Help: If you're struggling with debt or feeling overwhelmed by your finances, don't hesitate to seek help. The National Debt Helpline offers free financial counselling services to Australians. Many banks also offer financial hardship programs to assist customers facing difficulties.
Practice Mindfulness: Mindfulness techniques like meditation and deep breathing can help you manage stress and make more mindful financial decisions.
Prioritise Self-Care: Even when you're feeling stressed about money, and you won't 'feel' like doing it, it's important to prioritise your health and well-being. Make time for activities you enjoy, eat nutritious foods, get enough sleep, and move your body regularly. these things, although they seem small, will support your mood, emotional regulation, sleep, energy and focus. Without them, everything can seem so much worse.
Reconnect with Your Values: Take some time to reflect on what truly matters to you in life. What are your passions, your dreams, and your values? When you're feeling financially stressed, it's easy to lose sight of these things. Reconnecting with your values can help you find your way back to a sense of purpose and meaning.
Remember:
Don't be afraid to ask for help: There are many resources available to help you improve your financial situation.
Take it one step at a time: Small changes can make a big difference over time. Try not to catastrophise about the future. Make a plan and be consistent.
Be kind to yourself: Financial stress is common, and it's not your fault.
By taking proactive steps towards financial wellness, you can improve your financial situation, overall health, happiness, and sense of purpose.
Take the Next Step to a Healthier, Happier You
If you're feeling overwhelmed by financial stress and its impact on your well-being, I'm here to help. As a health & wellness coach, I can provide you with personalised guidance and support to navigate this challenging time and develop healthy coping mechanisms. Together, we can create a plan that prioritises your physical and mental health while you work towards financial stability.
Contact me today for a free consultation to learn more about how health & wellness coaching can support your financial wellness journey.
Resources:
MoneySmart: https://moneysmart.gov.au/
National Debt Helpline: 1800 007 007
Financial Counselling Australia: https://www.financialcounsellingaustralia.org.au/
Beyond Blue: https://www.beyondblue.org.au/
Many banks offer financial hardship programs, including:
Contact your bank directly to inquire about their specific programs and eligibility requirements.
In times of stress, it's time to double down on self-care. Do what you need to do. Examine the results honestly and pull the plug on things that require it.